Arizona Section Hogan Real Estate Licensing Course Flashcards

Arizona Section Hogan Real Estate Licensing Course Flashcards Six or more parcels created for sale or lease eachSubdivision A six mile square parcel bordered by range lines & township lines Township An area where irrigation uses threaten to exceed limited water supplies Irrigation Non-Expansion Area (INA) An east-west row of townshipsTier The document delivering title to the holder of the sheriff's certificate of sale Sheriff's Deed The licensee who is the property manager Broker The document which, when recorded, converts a manufactured home to real property Affidavit of Affixture The number of acres in a sectionSix Hundred & Fourty (640) The sides of a correction township along which the fractional sections lie North & West The lender in a deed of trustBeneficiary The document used to indicate that a mortgage has been paid off Satisfaction of Mortgage A person who has a power of attorneyAttorney-in-fact The borrower in a mortgageMortgagor The AZ assessed value ratio for vacant land Sixteen Percent (16%) The aspect of the real estate profession that deals with leasing, managing and maintaining property Property Management The redemption period after a trustee's sale None An unlicensed person who takes compensation for real estate services is committing this type of offense A Class 6 Felony A judgment levied when a foreclosure sale brings less than the amount of debt Deficiency Judgment Brokers must keep records for this amount of time from closing or termination of a transaction

• years

Real Estate TaxesThe lien with #1 priority A contract for the sale of property in which the buyer makes payments to the seller and the deed is not delivered until payoff Agreement of Sale (Land Contract) The method of land description using townships & rangesRectangular Survey (Government Survey) The document given to the highest bidder at the trustee's sale Trustee's Deed The period of time between the start of a judicial foreclosure and the sheriff's sale Equity of Redemption The dimensions of a check24 Miles Square Requires real estate contracts to be in writing to be enforceable Statute of Frauds

The maximum amount the recovery fund will pay per cause of action

$30,000

Townships that are modified to account for the earth's curvature Correction Townships Failure to comply with any terms of a note or mortgageDefault The buyer in an agreement for sale (land contract)Vendee An area where excessive overdraft of ground water is occurring Active Management Area (AMA) The AZ assessed value ratio for residential propertyTen Percent (10%) The number of square feet in an acre43,560 Latin for 'according to value'.Ad Valorem A lien for labor or materials supplied to a propertyMechanic's Lien The name given to the non-judicial foreclosure sale under a deed of trust Trustee's Sale The value placed on real property by the county assessor for tax purposes Full Cash Value (Market Value) The time a buyer has to rescind the purchase of a time share Seven (7) Days The seller in an agreement of sale (land contract)Vendor An interest in property giving the owner the right to use the property for a certain period of time each year Real Estate Time Share The method of land description used in subdivisionsRecorded Plat (Lot & Block) The document given by a borrower to a lender instead of going through a foreclosure Deed in Lieu of Foreclosure The document stating the property sale price which must accompany a deed when the deed is to be recorded Affidavit of Value The document required to be given to the buyer of property not located in a municipality or a recorded subdivision Affidavit of Disclosure The grace period under a land contract when 50% or more has been paid Nine (9) Months Not law, but have the force and effect of law on real estate licensees Commissioner's Rules A 6 mile wide strip of land running North-South Range A foreclosure through a court actionJudicial Foreclosure The AZ assessed value ratio for commercial propertyTwenty Percent (20%) Maximum $$$$ exemption under the homestead exemption$150,000 Real Estate development which includes real estate owned by an association and in which the owners of separately owned parcels are mandatory members and are required to pay association assessments.Planned Community The seller's non-judicial procedure to re-acquire the property if a land contract is in default Forfeiture Action The right to bring payments current during a non-judicial foreclosure of a deed of trust Right of Reinstatement

The law that governs the relationship between a residential lessor and lessee Arizona Residential Landlord & Tenant Act The lien with #2 priorityAssessments (Special Assessments) A fund that protects the public when damaged by a RE licensee Real Estate Recovery Fund The sale for delinquent taxesTreasurer's Sale The maximum amount the recovery fund will pay per licensee

$90,000

The minimum time a trustor has to reinstate payments during a trustee's foreclosure Ninety (90) Days Brokers must review and initial contracts within this time period 10 days of contract acceptance The number of sections in a townshipThirty Six (36) The value determined by multiplying the full cash value by the assessed value ratio Assessed Value Setting aside a parcel for a buyer prior to issuance of a subdivision public report Lot Reservation The party in a trust deed who has the power of saleTrustee The date upon which the priority of a mechanic's lien is established Day the Work Begins The head honcho at the ADREReal Estate Commissioner The time a buyer has to rescind the purchase of unimproved land in a subdivision if the buyer has not seen the land Six (6) Months The number of fractional sections in a correction township.Eleven (11) The document used to indicate that a deed of trust has been paid off Deed of Reconveyance The number of townships in a checkSixteen (16) The number of standard sections in a correction townshipTwenty Five (25) Someone who performs real estate services for another & for payment Real Estate Broker The grace period under a land contract when less than 20% has been paid Thirty (30) Days A method of land description that uses distances and directions Metes & Bounds The document given to the highest bidder at a Sheriff's saleSheriff's Certificate of Sale The borrower in a deed of trustTrustor The period of time between a sheriff's sale and delivery of the sheriff's deed Statutory Right of Redemption Holding a tenant's personal property for back rent is abolished in Arizona and is called....Distraint The time a buyer has to rescind the purchase of unimproved land in a subdivision if the buyer has seen the land Seven (7) Days

A licensee authorized to act on behalf of a real estate broker Real Estate Salesperson Exempts a portion of a homeowner's equity from forced sale due to a judgment Homestead Exemption Trustee sends Notice of Default & Trustee's Sale. Notice is recorded by Trustee.Notice of Default & Trustee's sale The number of RE Advisory Board membersTen (10) The nullification of the note and mortgage Defeasance The document that is recorded to indicate that litigation is pending against a property Lis Pendens AZ constitutional amendment giving RE licensees the right to write contracts Article XXVI # of time shares units requiring a time share public reportTwelve (12) A court decision that places a lien against an individualJudgment Property pledged as collateral without giving up possessionHypothecation The grace period under a land contract when 30% to less than 50% has been paid One Hundred Twenty (120) Days The time period within which a foreclosure of a mechanic's lien must begin Six (6) months of lien recordation The lender in a mortgageMortgagee The contract under which a broker is employed to manage a property Property Management Agreement The sale under a foreclosure of a mortgage(judicial forclosure) Sheriff's Sale The grace period when 20% to less than 30% has been paid on a land contract Sixty (60) Days The ability to revoke the purchase of unimproved land in a subdivision Right to Rescind A 10 member group that gives counsel to the real estate commissioner Real Estate Advisory Board The document received by the highest bidder at a tax lien sale Treasurer's Certificate (Certificate of Purchase) The time period within which a mechanic's lien must be recorded 120 Days of Completion of Work A statement of facts relating to a subdivision which must be given to purchasers Public Report